Before the open – 29/07 – Asian stocks down, FTSE seen opening higher July 29, 2013 Asian stocks traded lower last night as weak Chinese manufacturing data heightened fears of a hard landing and investors showed caution ahead of the US Federal Open Market Committee (FOMC) policy statement later this week. The Nikkei fell below the 14,000 mark for the first time in nearly a month as the yen strengthened against [...]
Bottom Line: Ad giants at watchdogs’ mercy July 28, 2013 RIVAL boss of ad firm Havas David Jones took to Twitter when he heard rumours of the Omnicom-Publicis deal, scoffing “oh wow just saw a flying pig”. It turns out it was no pig, it was a well-camouflaged POG: Publicis Omnicom Group, six months in the planning yet still a bolt from the blue. [...]
Wells Fargo takes title as world’s biggest bank by market value July 24, 2013 AMERICAN lender Wells Fargo has overtaken China’s ICBC as the world’s largest lender by market capitalisation, as growth in the US runs up against worries of a slowdown in the world’s second largest economy. Wells Fargo is now worth around $237bn (£154.9bn), above ICBC’s $225bn, according to Financial News. The Chinese lender has been the [...]
GlaxoSmithKline reports solid second quarter results but warns over impact of bribery scandal July 24, 2013 The pharmaceutical company at the centre of a Chinese bribery investigation GlaxoSmithKline (GSK) has reported a second quarter net profit of £1.05bn, and an expected four per cent rise in core earnings per share to 26.3p (release). Total group turnover in the second quarter was up two per cent to £6.6bn, while it remained flat [...]
Tate & Lyle expect another year of profitable growth after a slow start in US July 24, 2013 British agribusiness Tate & Lyle says its outlook for 2013 has remained unchanged as adjusted operating profit in the period 1 April to 30 June 2013 was reported in line with expectations (release). As expected, a cold spring and slow start to summer in the US impacted negatively on sales volumes in its beverage sector, [...]
Before the open – 24/07 July 24, 2013 We're expecting a muted start to European markets after China saw some grim manufacturing data overnight. HSBC's manufacturing PMI saw 11-month lows, at just 47.7, implying that the contraction in the sector is accelerating. $FTSE flat on open despite weaker Chinese Manufacturing Data. UK – ARM 2Q rev sales in line. $BLND IMS, $KGF lfl [...]
Diageo takes controlling stake in baiju-maker Shuijingfang July 23, 2013 DIAGEO has been given the go-ahead by Chinese authorities to take full control of the company that owns Shuijingfang, the white spirits producer, as it looks to expand its presence in the Asian market. The world’s largest drinks company said yesterday that it has bought the remaining 47 per cent stake it does not already [...]
London report: FTSE nudges down despite China boost for mining sector July 23, 2013 THE FTSE finished off seven-week highs yesterday, with China’s reassurance on growth lifting miners but failing to provide enough momentum for the broad index to overcome technical resistance. Basic materials, the third-biggest sector in the FTSE 100 and the market’s clear laggard this year, outperformed after the Chinese premier made a commitment to maintain growth [...]
EU-China trade spat intensifies as anti-dumping tariffs on Chinese ironing boards extended July 23, 2013 The European Union has extended anti-dumping duties on ironing boards imported from China by five years, but lifted them for these products coming from Ukraine. China used to control around 40 to 45 per cent of the EU ironing board market – but this fell to 15 to 20 per cent when the duties were [...]
Before the open – 23/07 July 23, 2013 Asian markets have performed well overnight as hints of Chinese easing have given traders confidence in equities. Now we're expecting that exuberance to translate into some mild gains for the FTSE and other European markets. Good morning – looking ahead to the open here are the forecasts for indices: FTSE100 +15 at 6638; DAX +20 [...]